Speaking at the opening ceremony of the Innovation Summit, Commissioner Moedas welcomed the Pact for Innovation initiative saying he recognised four key words in the document's priorities that aligned with Commission innovation strategy: coherence, refocus, citizens, and future. He said it was necessary to "acknowledge that innovation is tough - it takes you out of your comfort zone."

In his speech he also called for an innovation equivalent of the European Research Council to be established that could find the great innovators in Europe and "cherish them". He observed that it was often those outside the formal research and innovation system that are doing the most important work.

Opening the summit Lambert van Nistelrooij MEP, President of the Knowledge4Innovation Forum called for greater integration of European funds to stimulate further the implementation of innovation.

The objectives of INPACT reflect SusChem thinking on innovation and the need to promote collaboration across industrial sectors and along value chains to ensure Europe’s innovation performance is optimised and globally competitive.

INPACT will help to overcome barriers to innovation that prevent a strong and globally competitive innovation performance in Europe at all levels: national, regional and local. Close cooperation both at the level of the different Commission DGs as well as the stakeholder community will help strengthen Europe’s innovation performance.

INPACT calls for a joint effort to create pro-innovation conditions to overcome well-known weaknesses in turning knowledge created by research and invention into innovation that can provide jobs and growth for Europe. The signatories of INPACT share the vision that a globally competitive and successful Europe needs stakeholders and institutions to work together in an integrated approach to ensure that innovation can deliver solutions to major societal challenges Europe.

To move quickly from research and invention to innovation and accelerate the market uptake of innovations, Europe must build on its existing strengths but also address shortcomings by creating a favourable environment and encouraging the next generation of entrepreneurs to take risk. The signatories of the pact believe that it is imperative that Europe seizes the opportunity and position innovation at the heart of the Europe 2020 Review.

INPACT Priorities The priorities set outtheINPACT documentare grouped under four main headings:

The focus of INPACT is on implementation of actions within identified priorities, where timely changes can be achieved best at EU level. Harnessing Europe’s innovation will be best achieved by creating strong value chains and effectively orchestrating innovation ecosystems at all levels. The signatories commit to implement INPACT projects across EU borders, individual regions and sectors by 2020.

INPACT is open to cooperate with all other dedicated stakeholder groups working in the field of innovation within Europe. The initial signatories are inviting committed stakeholders to join as co-signatories. To find out more visit the Knowledge for Innovation (K4I) website or contact K4I direct.